Things are really tough out there right now. There are a lot of people really struggling in this economy and wondering how to handle their finances. It can be really difficult when you have the same expenditures, but there is no money coming in. Even if you have a job, you aren’t immune to the trials of this economy. There are several employers who are behind in their payrolls and the only difference between being unemployed and working for an employer that can’t pay, is that when you aren’t working, you can still collect an unemployment check. When you have a job and aren’t getting paid, you are working and not seeing anything in return. Oh, eventually you hope to, but it doesn’t make it any less tricky during those non-paying times.
It is times like these when you really begin to focus on personal finance. What are the best ways to manage your money? Personally, I like to keep tabs on things through online banking. Many banks offer this service, like Aurora Bank FSB. Not only can you keep a close eye on your bank balance, but you can usually transfer funds between accounts there. And one service that I have really enjoyed at my own bank, is online bill pay. This service lets me schedule out my bill payments for when they are due. The bank then sends the payment to the place I indicate and I don’t have to worry about being late and paying late fees. I also don’t have to pay postage. Those stamps can add up quickly, and when you are watching every penny, it really matters.
I also like to read and listen to the advice of experts like Dave Ramsey. I love his advice and wisdom. Another great source for personal finance information is MyMoney.gov. This website is under the direction of the US Government. The goal is to teach American citizens the basics for managing their money. There is some great info here on loans, saving and investing, understanding 401K programs and even how to balance a checkbook.
The most important thing you can do in this upside down economy, is to make a plan for your personal finances and stick to it. Use the tools that are out there to help you make and implement your plan.
What are you doing to organize your personal finances in this upside down economy?